IIfl-samasta announcement:
IIFL Samasta Finance, among India’s leading non-banking microfinance companies (NBFC-MFI), has revealed the addition of three individuals to its Board of Directors.
This strategic decision underscores the company’s dedication to fortify its governance framework and propel sustained advancement and creativity within the microfinance domain.
The newly appointed members comprise R. Venkataraman, Co-promoter of IIFL Group; Dr. Govinda Rajulu Chintala, former Chairman of NABARD; and Kalengada Mandanna Nanaiah, former Managing Director of Equifax Credit Information Services.
R. Venkataraman has assumed the role of Additional Director (non-executive), while Govinda Chintala and Kalengada Nanaiah have joined as Additional Directors (non-executive and independent). With these additions, the Board now comprises six members.
Expressing his thoughts on the appointments, Govinda Chintala stated, “I am pleased to join this exceptional team, especially as we celebrate the remarkable financial results of our company. I eagerly anticipate contributing to our ongoing success.”
Govinda Chintala brings over two decades of experience serving on the Boards of various financial, insurance, and microfinance institutions. His tenure as Chairman of NABARD until July 31, 2022, was marked by significant achievements, including the sanctioning of landmark projects and the establishment of key initiatives like the Long-term Irrigation Fund and Rural Infrastructure Development Fund (RIDF).
Additionally, he played a pivotal role in initiatives such as the computerization of Primary Agricultural Credit Societies (PACS) and the facilitation of healthcare infrastructure under RIDF/NIDA.
Kalengada Nanaiah, sharing his thoughts on his appointment, remarked, “Having engaged with the microfinance sector during my tenure as CEO of Equifax India, I possess a deep understanding of its needs and challenges. I am honored to join the Board of the rapidly expanding organization like IIFL Samasta and look forward to contributing to its strategic vision and growth in the years ahead.”
As the Managing Director of Equifax Credit Information Services Private Limited for over five years until July 2023, Kalengada Nanaiah provided leadership and oversight for the credit bureau in India. His extensive expertise in the financial services sector, particularly in data, technology, and analytics, is noteworthy.
Moreover, he serves as a visiting faculty at the College of Supervisors, Reserve Bank of India, demonstrating his commitment to the microfinance sector and workplace diversity.
R. Venkataraman, Co-promoter of IIFL Group and Chairman of IIFL Securities, brings over 25 years of invaluable experience to the table. He has played a pivotal role in establishing various businesses and driving key initiatives of the IIFL Group.
Previously, he held senior management positions in ICICI Limited, including ICICI Securities Limited, and worked with GE Capital Services India Limited in its private equity division.
Venkatesh N., Managing Director of IIFL Samasta, expressed his delight at the appointments, stating, “We are thrilled to welcome G.R. Chintala, K.M. Nanaiah, and R. Venkataraman to our esteemed Board of Directors. Their wealth of knowledge and insights will play a crucial role in advancing our ongoing pursuit of innovation, delivering unparalleled value to our customers, and achieving our ambitious goals.”
The addition of these experienced members to the Board strengthens IIFL Samasta’s ability to navigate challenges and seize emerging opportunities. Their diverse backgrounds and proven track records of success will complement the existing members’ skills and contribute to the company’s strategic vision and long-term success.
